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For Your Information
Frequently Asked Questions Regarding the Reclaim Payment
Protection Insurance Process
What
exactly is the cost me if I employ your services?
You pay nothing up front; once the refund had been received from your bank, we charge 25% of the Total Amount
received, there is NO VAT on top. Please be wary of other companies who may offer lower percentages, look at their wording, do they say they'll
only take 20% of charges, if so they may be planning on keeping ALL the statutory interest, thereby costing you an awful lot
more.
You pay NOTHING up front, if we don't win - we don't charge you for our time.
Who pays
the £10 fee and cost of postage for requesting copies of charges imposed by your Policy Provider?
We do.
Who pays
the court fees if the claim goes to court?
If in the
unlikely event the bank defends the action we will pay the court fees. We take the full risk for the claim, if we
lose the claim, then we lose the court fees.
Could I do this myself?
Of course you can
and the following is a link to a very useful web site www.moneysavingsexpert.com
Unfortunately, most
people have neither have the time nor the inclination to 'battle it out with their Policy Provider' . Most of us were brought
up to respect the finance industry and don't feel comfortable with challenging them but most of us have suffered ridiculous
bank charges without complaint, but most people prefer the 'distance' of using a 3rd party.
How
far back can you go?
Decide
from this list which is most relevant to your situation:
- If your policy started in the last six years,
whether you’re still using it or not: Reclaim and ask your lender for a copy of the paperwork if you no longer have
it.
- If
your policy started over
six years ago and you are either still using it, or it ended within the last six years: Reclaim and ask your lender for
a copy of the paperwork if you no longer have it. Your chances of success may
be reduced if you have been aware of the mis-selling for some time or have already complained.
- If your policy ended over six years ago and you have the paperwork: Reclaim, although your chances
of success are reduced, as it will depend on what you can remember about the sale.
- If your policy
ended over six years ago and you do not have the paperwork: Do not start a reclaim. As lenders only have to keep records
for six years, if no one has a record of the contract a reclaim is unlikely to be sucessful.
Who’s been fined so far?
-
Hadenglen Home Finance Plc: Fined £182,000
in September 2007 for for inadequate systems and controls when recommending re-mortgages and PPI. PPI failings took
place between January 2005 and November 2006. More Info: Hadenglen Home Finance Ltd
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Capital One: Fined £175,000 in February 2007
for failing to ensure that 50,000 customers buying credit cards and loans between January 2005 and April 2006 received important
information about the policy. More info: Capital One
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GE Capital Bank Ltd: (supplies cards for Asda,
Comet, Debenhams and Topshop among others): Fined £610,000 in January 2007 for inappropriate sales of its store cards and
credit cards. More info: GE Capital Bank Ltd
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Loans.co.uk: Fined £455,000 in October 2006
for not having appropriate systems and controls to minimise the risk of unsuitable sales. More info: Loans.co.uk
-
Redcats: Fined £270,000 in December 2006 for
also not having adequate systems and controls in place to minimise the risk of unsuitable sales. More info:
Redcats
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Regency Mortgage Corporation: Fined £56,000
in December 2006 for not collecting sufficient information during a PPI sale to ensure its recommendations met customers'
demands and needs. More info: Regency Mortgage Corporation
When should I not make a Reclaim?
If are you in IVA (Individual
Voluntary Arrangement) or Debt Management and the Bank/Credit Card Company/Lender you wish to reclaim from is one of
the ones in your IVA or to whom you have an outstanding debt, then when a refund is due it will be used by them to reduce
your debt with them. This means that you will NOT see any of the refund and could actually be worse off as you will probaly
not be able to pay the subsequent the invoice for our services.
Also, the part of the debt they pay
off with the refund will be the element you were originally 'let off' paying as a result of your IVA, so reclaiming
charges will NOT reduce your IVA payments.
You should only consider reclaiming from a Bank
or Credit Card company if they are not one of within
IVA or your IVA / Debt Management has completed.
If you’ve claimed on your insurance and
been successful (i.e. received money to cover your loan or card repayments) you won’t be able to claim the policy was
mis-sold so this doesn’t really apply to you. You may however, be able to cancel the insurance, especially if you feel
you no longer need it.
Do
you have to be regulated to carry out claims management business?
YES you do !
Reclaim Bank Charges Limited is Regulated by the Ministry
of Justice in respect of regulated claims management activities No. CRM 5270. Registration can be verifed by access to www.claimsregulation.gov.uk
Data Protection Registration No. Z9803930
Do you have a Complaints Procedure ?
Yes, if you are dissatisfied with the service we have provided you should initially make
a complaint either in writing or by email details of your specific complaint to complaints@reclaimbankcharge.co.uk -
If
you are dissatisfied with the way a complaint has been handled then you ask the Regulator to review the handling
of the complaint. The Regulator has the power to direct the business to reconsider the complaint and to refund any fees that
have been paid, but cannot award compensation. The Regulator can be found at www.claimsregulation.gov.uk
For full details of our Complaints Procedure - Please refer to the Complaints Procedure click on the link
below
Complaints Procedure
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